The Wyoming Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period is a form used to document and calculate the amount of money that a debtor must pay to the bankruptcy court as part of their Chapter 13 Bankruptcy repayment plan. This form is used to provide the court with a detailed list of the debtor's current monthly income, expenses, and assets. It also includes a calculation of the debtor's commitment period, which is the length of time the debtor must make payments to the court. The Wyoming Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period is a required part of the Chapter 13 Bankruptcy filing process, and must be submitted to the court in order for the filing to be approved. There are two types of Wyoming Chapter 13 Statements of Your Current Monthly Income and Calculation of Commitment Period: the Form B22A, which is used when the debtor's total monthly income is below the median state income; and the Form B22C, which is used when the debtor's total monthly income is above the median state income.
Wyoming Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period
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How to fill out Wyoming Chapter 13 Statement Of Your Current Monthly Income And Calculation Of Commitment Period?
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FAQ
The chapter 13 disposable income test is the court's way of ensuring that all your disposable income is going towards repaying your debts during your repayment period. Prior to approving any chapter 13 repayment plan, you must show that what you are paying is your best effort.
Many low-income filers have little or no nonexempt property, and no disposable income left after paying their bills and expenses. If you are in this situation, your plan can propose to pay off only your required debts, making no payments on your unsecured debt.
Your monthly disposable income is the minimum you'll pay to your non-priority unsecured creditors throughout the course of your Chapter 13 payment plan. Your disposable income is the amount that remains after deducting allowed living expenses and mandatory payments.
The disposable income calculation starts with your gross income. You must also be a wage earner in order to file a Chapter 13. Then, certain expenses are deducted based on an IRS deduction. The deduction is based upon a national average, taking into consideration the metropolitan area you live.
To calculate the total average monthly payment, add all amounts that are contractually due to each secured creditor in the 60 months after you file for bankruptcy. Then divide by 60.
If your Chapter 13 plan payment is too high, you can sometimes get it lowered if you encounter a reduction in household income. If your income reduces, you are many times also allowed to reduce your plan payment. This is accomplished usually by filing a Motion to Modify your Chapter 13 plan.
The Minimum Percentage of Debt Repayments In A Chapter 13 Bankruptcy Is 8 To 10 Percent.
Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.